Top pay-TV systems integrator UniTek files for Chapter 11

UniTek, a Blue Bell, Penn.-based systems integrator servicing Comcast (NASDAQ: CMCSA), DirecTV (NASDAQ: DTV), AT&T (NYSE: T) and other top pay-TV operators, has filed for Chapter 11 bankruptcy protection and will restructure with its creditors taking ownership.

The company filed for its reorganization in federal bankruptcy court in Wilmington, Del., citing debts totaling $186 million on assets of just over $3 million.

According to a statement released by the company Monday, UniTek will continue installing pay-TV, Internet and other services for its clients as it proceeds through its restructuring.

In October, UniTek CEO Rocky Romanella told investors that his company had agreed to a restructuring plan that would leave creditors Littlejohn & Co., New Mountain Capital and other entities controlled by Apollo Investment Corp., as well as customers including DirecTV, with large ownership stakes in UniTek in exchange for writing off debt and offering millions of dollars in new capital.

For more:
- read this Philadelphia Inquirer story
- read this UniTek press release

Related links:
Berliner Communications announces name change to UniTek Global Services, Inc.
Paying installers overtime is key to Verizon's FiOS growth in Q4
AT&T recruiting U-verse installers as it cracks 100K pay-TV subs in Kansas City

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